The latest listing of the most complained about financial firms by The Financial Ombudsman service once again had Lloyds scooping the number one spot followed by Barclays, Royal Bank of Scotland and HSBC.
More surprising was the sheer volume of complaints received by the FOS in the last 6 months of 2012 – an increase of 110% to a record 283,251 new cases!!! And these were only complaints from consumers who were dissatisfied by firms original response to their complaint.
70% of complaints against banks were upheld!
In the last annual report banks were responsible for 65.5% of all complaints compared with just 1% of complaints against Independent Financial Advisers.
THE CONCLUSION – DON’T TRUST THE BANKS TO GIVE YOU GOOD ADVICE!
This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122